<p>人工智能（AI）在过去几年中备受瞩目，且有大量证据表明这仅仅是个开始。开发者们继续为这一技术创造新的应用，利用其生成原创内容、简化业务流程并提升生产力。尽管在过去两年中频频登上头条，但 AI 的采用仍处于早期阶段，证据表明支出仍在不断增加。</p>
<p>事实上，科技领域的四大巨头——<strong>微软</strong>、<strong>谷歌母公司 Alphabet</strong>、<strong>亚马逊</strong> 和 <strong>Meta Platforms</strong>——预计今年将共同花费超过 4000 亿美元用于支持其 AI 雄心的资本支出，这些支出没有减缓的迹象。</p>
<p>随着数据中心支出位居购物清单之首，<strong>英伟达</strong>（Nvidia）有望从中获得丰厚回报。该公司首创了用于执行 AI 所需数学计算的图形处理单元（GPU），我预测它将把对这些芯片的持续需求转化为 6000 亿美元俱乐部的创始会员。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0NzkvcGVyc29uLWluLWJ1c2luZXNzLWF0dGlyZS1zbWlya2luZy1hbmQtc2NhdHRlcmluZy0xMDAtYmlsbHMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0NzkvcGVyc29uLWluLWJ1c2luZXNzLWF0dGlyZS1zbWlya2luZy1hbmQtc2NhdHRlcmluZy0xMDAtYmlsbHMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>GPU 基础知识</h2>
<p>英伟达在 1999 年首创了第一款 GPU，以渲染视频游戏中的逼真图像。使这一切成为可能的突破性发展是并行处理，它将庞大的计算任务分解为更小、更易管理的部分。这使得大量数学计算能够同时处理，使英伟达的芯片成为游戏规则的改变者。</p>
<p>这仅仅是谦逊的 GPU 旅程的开始，它证明了在云计算或数据中心等其他应用中启用或加速的能力，而大多数 AI 处理都发生在这些地方。根据商业智能公司 IoT Analytics 的数据，英伟达已成为数据中心 GPU 的黄金标准，控制着高达 92% 的市场份额。</p>
<p>对这些专业芯片的狂热需求推动了英伟达的财务业绩和股价飙升。</p>
<h2>给我看钱</h2>
<p>在其 2026 财年第一季度（截至 4 月 27 日），英伟达创下了 440 亿美元的收入，较去年同期激增 69%，环比增长 12%。这推动了调整后的每股收益（EPS）跃升 27% 至 0.76 美元。数据中心业务是亮点，包括用于云计算、数据中心和 AI 的处理器。该部门的收入激增 73% 至 390 亿美元，受益于对 AI 的持续需求。</p>
<p>这可能仅仅是个开始。四大会计师事务所普华永道（PwC）估计，到 2030 年，AI 市场的价值可能达到 15.7 万亿美元，英伟达将成为主要受益者，提供支撑这一技术的尖端芯片。</p>
<h2>通往 6000 亿美元的道路</h2>
<p>英伟达目前拥有全球最高的上市公司市值，约为 4.44 万亿美元（截至本文撰写时）。这意味着其股价需要上涨 35% 才能将其价值推高至 6 万亿美元。根据华尔街的预测，英伟达在 2026 财年（从 1 月开始）预计将产生超过 2010 亿美元的收入，使其前瞻市盈率（P/S）约为 22。如果其 P/S 保持不变，英伟达需要将其年收入提高到约 2720 亿美元，以支持 6 万亿美元的市值。</p>
<p>华尔街的预测估计，英伟达今年的收入将增长 53%，明年增长 25%。如果公司能够达到这些基准，它可能在 2027 年就能实现 6 万亿美元的市值。</p>
<p>但不要只听我说。Loop Capital 分析师 Ananda Baruah 刚刚对英伟达股票发布了 250 美元的最高目标价，暗示其在未来 12 到 18 个月内可能达到 6.1 万亿美元的市值。该分析师引用了供应链检查，并得出结论，生成 AI 和 AI 工厂的超大规模采用可能在 2028 年前产生 2 万亿美元的支出，英伟达将是主要受益者。考虑到 AI 的广泛采用，我认为 Baruah 的预测是有先见之明的。</p>
<p>重要的是要记住，这些收益不会是一帆风顺的。对英伟达的图表进行回顾显示，股价在至少五次情况下从高峰下跌 25% 或更多，其中一次甚至暴跌 66%。</p>
<p>另一方面，难以夸大公司的成功。尽管上述波动，过去十年中，英伟达的收入增长了 3735%，净收入激增了 13911%。此外，公司的持续创新和财务表现的改善推动了其股价的惊人增长，股价飙升了 30870%。</p>
<p>英伟达目前的市盈率为 31 倍，确实是一个溢价。然而，考虑到其令人印象深刻的业绩记录、一贯的执行力以及 AI 所代表的重大机会，我认为对于这样一家高质量的公司来说，这是一笔小代价。</p>

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>预计到 2027 年，英伟达将加入 6 万亿美元俱乐部，这得益于对人工智能技术的激增需求以及其在 GPU 市场的主导地位，控制着 92% 的市场份额。该公司在 2026 年第一季度报告了创纪录的 440 亿美元收入，数据中心业务增长了 73%。分析师预测英伟达的收入将显著增长，Loop Capital 预计目标股价为 250 美元，这意味着在未来 12 到 18 个月内市值将达到 6.1 万亿美元。尽管过去股票波动较大，英伟达的长期增长轨迹依然强劲</p>

<p>Artificial intelligence (AI) has stolen the limelight over the past few years, and there's plenty of evidence to suggest this is just the beginning. Developers continue to create new applications for the technology, which is being leveraged to produce original content, streamline business processes, and enhance productivity. Despite making headlines for more than two years, it's still early days for the adoption of AI, and the evidence suggests spending continues to ramp up.</p>
<div class="lb-trans"><p>人工智能（AI）在过去几年中备受瞩目，且有大量证据表明这仅仅是个开始。开发者们继续为这一技术创造新的应用，利用其生成原创内容、简化业务流程并提升生产力。尽管在过去两年中频频登上头条，但 AI 的采用仍处于早期阶段，证据表明支出仍在不断增加。</p>
</div><p>In fact, the four horsemen of technology -- namely <strong>Microsoft</strong>, <strong>Alphabet</strong>, <strong>Amazon</strong>, and <strong>Meta Platforms</strong> -- are poised to collectively spend more than $400 billion for the capital expenditures required to support their AI ambitions this year, and these outlays show no signs of slowing.</p>
<div class="lb-trans"><p>事实上，科技领域的四大巨头——<strong>微软</strong>、<strong>谷歌母公司 Alphabet</strong>、<strong>亚马逊</strong> 和 <strong>Meta Platforms</strong>——预计今年将共同花费超过 4000 亿美元用于支持其 AI 雄心的资本支出，这些支出没有减缓的迹象。</p>
</div><p>With data center spending at the top of the shopping list, <strong>Nvidia</strong>(NVDA -0.85%) is positioned to reap the rewards of much of that spending. The company pioneered the graphics processing units (GPUs) that perform the mathematical calculations required to enable AI, and I predict it will parlay the unrelenting demand for those chips into charter membership in the $6 trillion club.</p>
<div class="lb-trans"><p>随着数据中心支出位居购物清单之首，<strong>英伟达</strong>（Nvidia）有望从中获得丰厚回报。该公司首创了用于执行 AI 所需数学计算的图形处理单元（GPU），我预测它将把对这些芯片的持续需求转化为 6000 亿美元俱乐部的创始会员。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk0NzkvcGVyc29uLWluLWJ1c2luZXNzLWF0dGlyZS1zbWlya2luZy1hbmQtc2NhdHRlcmluZy0xMDAtYmlsbHMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829479%2Fperson-in-business-attire-smirking-and-scattering-100-bills.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>A GPU primer</h2>
<div class="lb-trans"><h2>GPU 基础知识</h2>
</div><p>Nvidia pioneered the first GPU back in 1999 to render lifelike images in video games. The groundbreaking development that made that possible was parallel processing, which breaks up massive computing jobs into smaller, more manageable chunks. This enabled the simultaneous processing of a multitude of mathematical computations, making Nvidia's chips a game-changer.</p>
<div class="lb-trans"><p>英伟达在 1999 年首创了第一款 GPU，以渲染视频游戏中的逼真图像。使这一切成为可能的突破性发展是并行处理，它将庞大的计算任务分解为更小、更易管理的部分。这使得大量数学计算能够同时处理，使英伟达的芯片成为游戏规则的改变者。</p>
</div><p>This was just the beginning of the journey for the humble GPU, which proved adept at enabling or accelerating other applications, including those in the cloud or data centers, where the majority of AI processing takes place. Nvidia has become the gold standard for data center GPUs, controlling an eye-watering 92% of the market, according to business intelligence firm IoT Analytics.</p>
<div class="lb-trans"><p>这仅仅是谦逊的 GPU 旅程的开始，它证明了在云计算或数据中心等其他应用中启用或加速的能力，而大多数 AI 处理都发生在这些地方。根据商业智能公司 IoT Analytics 的数据，英伟达已成为数据中心 GPU 的黄金标准，控制着高达 92% 的市场份额。</p>
</div><p>The feverish demand for these specialty chips has driven Nvidia's financial results <em>and</em> its stock price into the stratosphere.</p>
<div class="lb-trans"><p>对这些专业芯片的狂热需求推动了英伟达的财务业绩和股价飙升。</p>
</div><h2>Show me the money</h2>
<div class="lb-trans"><h2>给我看钱</h2>
</div><p>In its fiscal 2026 first quarter (ended April 27), Nvidia generated record revenue of $44 billion, which surged 69% year over year and 12% sequentially. This fueled adjusted earnings per share (EPS) that jumped 27% to $0.76. The headliner was the data center business, which includes processors used for cloud computing, data centers, and AI. Revenue for the segment surged 73% to $39 billion, driven by relentless demand for AI.</p>
<div class="lb-trans"><p>在其 2026 财年第一季度（截至 4 月 27 日），英伟达创下了 440 亿美元的收入，较去年同期激增 69%，环比增长 12%。这推动了调整后的每股收益（EPS）跃升 27% 至 0.76 美元。数据中心业务是亮点，包括用于云计算、数据中心和 AI 的处理器。该部门的收入激增 73% 至 390 亿美元，受益于对 AI 的持续需求。</p>
</div><p>This could be just the beginning. Big Four accounting firm PricewaterhouseCoopers (PwC) estimates the AI market could be worth $15.7 trillion by 2030, with Nvidia being a major beneficiary by supplying the cutting-edge chips that underpin the technology.</p>
<div class="lb-trans"><p>这可能仅仅是个开始。四大会计师事务所普华永道（PwC）估计，到 2030 年，AI 市场的价值可能达到 15.7 万亿美元，英伟达将成为主要受益者，提供支撑这一技术的尖端芯片。</p>
</div><h2>The path to $6 trillion</h2>
<div class="lb-trans"><h2>通往 6000 亿美元的道路</h2>
</div><p>Nvidia currently boasts the world's highest market cap for a publicly traded company, at roughly $4.44 trillion (as of this writing). This means its stock price would need to rise 35% to drive its value to $6 trillion. According to Wall Street, Nvidia is poised to generate revenue of more than $201 billion in fiscal 2026 (which began in January), giving it a forward price-to-sales (P/S) ratio of roughly 22. Assuming its P/S remains constant, Nvidia would need to increase its revenue to roughly $272 billion annually to support a $6 trillion market cap.</p>
<div class="lb-trans"><p>英伟达目前拥有全球最高的上市公司市值，约为 4.44 万亿美元（截至本文撰写时）。这意味着其股价需要上涨 35% 才能将其价值推高至 6 万亿美元。根据华尔街的预测，英伟达在 2026 财年（从 1 月开始）预计将产生超过 2010 亿美元的收入，使其前瞻市盈率（P/S）约为 22。如果其 P/S 保持不变，英伟达需要将其年收入提高到约 2720 亿美元，以支持 6 万亿美元的市值。</p>
</div><p>Wall Street forecasts estimate that Nvidia will grow its revenue by 53% this year and 25% next year. If the company can attain those benchmarks, it <em>could</em> reach a $6 trillion market cap as early as 2027.</p>
<div class="lb-trans"><p>华尔街的预测估计，英伟达今年的收入将增长 53%，明年增长 25%。如果公司能够达到这些基准，它可能在 2027 年就能实现 6 万亿美元的市值。</p>
</div><p>But don't take my word for it. Loop Capital analyst Ananda Baruah has just issued a Street-high price target of $250 on Nvidia stock, suggesting it could reach a market cap of $6.1 trillion over the next 12 to 18 months. The analyst cited supply chain checks and concluded that hyperscale adoption of generative AI and AI factories could generate spending of $2 trillion by 2028, with Nvidia as a major beneficiary. Given the widespread adoption of AI, I believe Baruah's call is prescient.</p>
<div class="lb-trans"><p>但不要只听我说。Loop Capital 分析师 Ananda Baruah 刚刚对英伟达股票发布了 250 美元的最高目标价，暗示其在未来 12 到 18 个月内可能达到 6.1 万亿美元的市值。该分析师引用了供应链检查，并得出结论，生成 AI 和 AI 工厂的超大规模采用可能在 2028 年前产生 2 万亿美元的支出，英伟达将是主要受益者。考虑到 AI 的广泛采用，我认为 Baruah 的预测是有先见之明的。</p>
</div><p>It's important to remember that these gains won't come in a straight line. A review of Nvidia's charts reveals that the stock price has fallen 25% or more from its peak on at least five separate occasions, and in one case, it plunged 66%.</p>
<div class="lb-trans"><p>重要的是要记住，这些收益不会是一帆风顺的。对英伟达的图表进行回顾显示，股价在至少五次情况下从高峰下跌 25% 或更多，其中一次甚至暴跌 66%。</p>
</div><p>On the other hand, it would be difficult to overstate the company's success. Despite the aforementioned volatility, over the past decade, Nvidia's revenue has grown by 3,735%, while its net income has surged 13,911%. Furthermore, the company's relentless innovation and improving financial performance have fueled a blistering increase in its stock price, which has soared 30,870%.</p>
<div class="lb-trans"><p>另一方面，难以夸大公司的成功。尽管上述波动，过去十年中，英伟达的收入增长了 3735%，净收入激增了 13911%。此外，公司的持续创新和财务表现的改善推动了其股价的惊人增长，股价飙升了 30870%。</p>
</div><p>Nvidia is currently selling for 31 times next year's earnings, which is certainly a premium. However, given its impressive track record, consistent execution, and the significant opportunity represented by AI, I'd argue it's a small price to pay for such a high-quality company.</p>
<div class="lb-trans"><p>英伟达目前的市盈率为 31 倍，确实是一个溢价。然而，考虑到其令人印象深刻的业绩记录、一贯的执行力以及 AI 所代表的重大机会，我认为对于这样一家高质量的公司来说，这是一笔小代价。</p>
</div>

Prediction: This Unstoppable Stock Will Be a Founding Member of the $6 Trillion Club by 2027

- 人工智能的应用持续增长，预计支出将超过 4000 亿美元。  
- Nvidia 控制 92% 的数据中心 GPU 市场，第一季度收入达 440 亿美元。  
- 分析师预测 Nvidia 可能在 2027 年达到 6 万亿美元市值。  

预测：这只不可阻挡的股票将在 2027 年成为 6 万亿美元俱乐部的创始成员